Aegon : A stable Q1, restructuring benefits are just beginning, TP increased
>Conclusion: Stable Q1, attractive 10.2% FCF which can rise by actions - For 1Q21, we forecast an operating pre-tax earnings for Aegon of € 335m (1Q20 € 358m). We expect a stable Group S2 ratio of 195% (end-2020 196%), driven by a rise of the US RBC ratio to 443% (end-2020 432%) offset by a decline of the NL Life S2 ratio to 149% (end-2020 159%). The risen US interest rates, the high pace of US vaccination (vs Europe), and the large new US government economic stimulus...AEGON is a holding company. Through its subsidiaries, Co. provides life insurance and pensions operations in more than 20 countries in the Americas, Europe and Asia and is also active in savings and asset management operations, accident and health insurance, general insurance and to a limited extent banking operations. Co. operates through the following segments: the Americas (which includes the U.S.A., Mexico and Brazil); the Netherlands; the United Kingdom; Central & Eastern Europe; Spain and Portugal; Asia and Aegon Asset Management.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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